Application with respect to contracts and other agreements

(a) Definition In this section, the term industrial loan company means an industrial loan company, industrial bank, or other similar institution. (b) Application This Act, and the amendments made by this Act, may not be construed to affect or impair— (1) the authority of the Federal Deposit Insurance Corporation to enter into any agreement with a parent company of an industrial loan company (as defined in section 6 of the Bank Holding Company Act of 1956, as added by section 3 of this Act) or an industrial loan company, or to impose any condition in connection with the approval by the Corporation of an application; or (2) the validity of any agreement described in paragraph (1) entered into before the date of enactment of this Act.